Cirsa Enterprises, the Spanish casino and gambling operator owned by private equity firm Blackstone, has launched its initial public offering (IPO) on the Madrid Stock Exchange. The company set its IPO price at 15 euros per share, valuing Cirsa at approximately 2.52 billion euros ($3 billion). The offering aimed to raise around 375 million euros to accelerate growth and strengthen its capital structure by reducing leverage. The IPO prospectus was approved by Spain's National Securities Market Commission (CNMV), with the share subscription period open until July 7, 2025. Cirsa made its market debut on July 9, 2025, with shares opening at 15 euros and rising by about 6.6% to 16 euros per share during the first day of trading. Joaquim Agut, Cirsa's chairman, is set to receive 34 million euros from the IPO, benefiting from a broader 90 million euro equity distribution to company executives. Cirsa's successful IPO is the second in Spain in 2025 and is expected to influence European IPO activity during the summer period, which has experienced the slowest first half for offering volume in over a decade.